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Mr Dooley said he expected the Australian dollar to drop further over the next week, to 101.70 US cents against the greenback.

"The Australian dollar has been trading in a range - every time it comes down to 101.70 US cents it's a big buying opportunity, and every time it goes up to 106 US cents it's seen as a selling opportunity, and that's a pattern we've been in since July," he said.

As the dollar headed downwards, Mr Dooley said there was a possibility it would return to parity with the US dollar later this year.

The Australian bond market was also weaker at noon.

At 12.00pm AEDT on Tuesday, the March 10-year bond futures contract was trading at 96.545 (implying a yield of 3.455 per cent), down from 96.580 (3.420 per cent) on Monday.

The March three-year bond futures contract was at 97.190 (2.810 per cent), down from 97.230 (2.770 per cent).